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Texas Bankers Association v. Association of Community Organizations for Reform Now

The fee cap provision in �50(a)(6)(E) of article 16 of the Texas Constitution creates a three-percent cap on fees other than interest in the context of a home equity loan. An interpretation which classifies fees charged by the lender as interest essentially renders this cap meaningless. The court cannot conclude that the legislature, in creating the cap on fees connected with a home equity loan, intended to exclude basically all fees charged by the lender from the cap. Austin Court of Appeals, No. 03-06-00273-CV, 01-08-2010

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OPINION

The Association of Community Organizations for Reform Now (ACORN) and a number of individuals who took out home equity loans in Texas filed suit against the Finance Commission of Texas and the Credit Union Commission of Texas (collectively, the Commissions), seeking to invalidate certain regulations adopted by the Commissions in relation to home equity lending.*fn1 See Tex. Gov’t Code Ann. § 2001.038 (West 2008) (allowing declaratory-judgment actions to challenge validity of regulation). The Texas Bankers Association (TBA) intervened, arguing that the interpretations were a proper exercise of the Commissions’ authority. Both sides filed motions for summary judgment, and the trial court granted each motion in part, invalidating seven of the nine challenged regulations. TBA and the Commissions appealed, arguing that the trial court erred in invalidating four of the regulations.*fn2 ACORN cross-appealed, contending that the trial court erred in refusing to invalidate the remaining two regulations. The trial court’s judgment was stayed pending resolution of this appeal. We affirm the trial court’s judgment in part and reverse and render in part.*fn3

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